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Trading Idea of the Day
ASX:PLS - Pilbara Minerals Ltd - BEARISH BIAS (short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
Sky high oil prices and tight supply make oil an appealing investment.
A decade of low oil prices and ever-increasing ESG concerns have caused a structural undersupply of fossil fuels. Conflict in Eastern Europe has put further pressure on oil supply across Europe.
- Increased oil and gas pricing globally have made Occidental a cash printing machine in 2022.
- Occidental Petroleum is a US oil giant focused predominantly on shareholder returns through dividends, share buybacks and debt repayment.
- Buffett has a view that oil prices over the coming decade will be much higher than most people expect. Berkshire now owns over 20% of the entire company and has SEC approval to buy a lot more.
- Buffett, also likes the low P/E and Oxy’s focus on returning cash to shareholders.
ASX & Economic Key Events
ASX Key Events Calendar (TODAY)
Economic Key Events (TODAY)
Economic Key Events (YESTERDAY)
OPTO For Investors Research
Article of the Day: Will slowing services growth eat into the Apple share price?
Podcast of the Day: Doomberg on Nord Stream sabotage and monetary mayhem
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
EXPECTATIONS: Energy LOWER (lower oil prices) & Materials LOWER on overall lower commodity prices.
Global Markets Headlines
Several key races are too close to call, leaving control of Congress up in the air (CNBC)
Elon Musk took over a struggling business with Twitter and has quickly made it worse (CNBC)
Bitcoin tumbles to its lowest in nearly 2 years; Solana drops another 40% (CNBC)
Tesla sinks to almost two-year low on Elon Musk stock sales, Twitter distraction (CNBC)
Meta laying off more than 11,000 employees: Read Zuckerberg’s letter announcing the cuts (CNBC)
Binance CEO tells employees he didn’t ‘master plan’ FTX demise (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
Disclaimer: CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.
